Daily Market Report 9/18/13

GOLD

Today was an exciting day for Gold investors. Gold broke through the key $1,300 per ounce support level this morning on concerns of today’s FOMC announcement regarding the possibility of tapering its $85 billion monthly debt purchases. At one point today Gold dropped to as low as $1,291.60. Then, as we approached the FOMC announcement, the U.S. Dollar started to fall on the FOREX markets and Gold quickly rallied back to $1,310 per ounce. Most precious metal traders and professionals are waiting for short term market direction based on the FOMC statement.

At 11am PDT today, the Federal Reserve announced that they are not tapering their bond buying and Gold rallied sharply higher, reaching $1,340 per ounce within two minutes.

SILVER

Silver opened lower in Asia, hitting $21.19 per ounce then rallied with Gold back to $21.80. Physical demand for Silver investment products remains strong domestically and internationally.

At 11am PDT today, Silver, following Gold’s lead, rallied sharply higher reaching $22.35 per ounce on heavy volume.